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Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/29)

Discussion pertaining to Detroit, Ann Arbor, Port Huron, and SW Ontario
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The Sage
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by The Sage » Fri Oct 02, 2015 5:06 pm

If the best Lew could get is 4 million, then I might suggest that he walks away pretty empty handed. He would have been much more handsomely rewarding leaving earlier than now.


"Actually that's kind of the problem with Radio, for every real legend, you get about fifteen tired old gasbags who stick around too long."

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MWmetalhead
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by MWmetalhead » Fri Oct 02, 2015 8:00 pm

I've noticed some changes at 93.1 Gnash FM following the little Dickey boys' exit:
- Their RDS is finally displaying artist & song info again (been a few months since that last occurred routinely)
- Audio processing during the morning & nighttime syndicated shows has improved
- Some local station imaging elements are now being incorporated seamlessly into "Nash Nights Live"
- Greater use of gold/library titles during the syndicated shows


Thanks, corporate radio, for finally tossing Nickelback to the curb. Now can you please do the same for Shinedown? THEY SUCK!!!

Radio Sucks
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by Radio Sucks » Sat Oct 03, 2015 6:29 am

el Jefe of the Buzzboard, who I wouldn't have thought was a country listener wrote:I've noticed some changes at 93.1 Gnash FM
Could those changes have been made BEFORE the exit? I know that some programming changes have been coming down on the night show since the first of September. All Nights as well, not that familiar with the Morning Mess.



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MWmetalhead
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by MWmetalhead » Sat Oct 03, 2015 6:56 am

You could be correct. I don't spend much time listening to Gnash normally, but I do listen to WYCD fairly often (they seem to have made some music clock modifications as well and have expanded their variety).

I'm just glad some of 93.1's technical issues have finally been addressed.


Thanks, corporate radio, for finally tossing Nickelback to the curb. Now can you please do the same for Shinedown? THEY SUCK!!!

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WOHO
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by WOHO » Sat Oct 03, 2015 9:42 pm

One thought; I wonder if SOME of the station's licenses OR real estate are only in the Dickey's names directly rather than the corporation, so they might just walk-away with more than the $4mil/$1.5mil in their little parachutes?
Also, WTF - why spend money moving Mrs. Reader's Digest to NYC- that's as assanine as Sirius paying BIG rent in NYC when they already have a paid-for plant (XM) in Washington DC, but of course Mel Karmazin and buddy Howard Stern didn't want to move or commute to DC.

Lack of any technical innovation at Cumulus properties has been a thorn in my side since day one- specifically, their Toledo cluster is just that technically- a cluster cluck- all the HD's are off but one, no RDS, no dynamic PAD data with HD or with RDS and horrible processing. That's what happens when you have bankers run a whole cluster without even one SBE engineer on staff.

Radio World has some (hilarious) barn-burning brutal 'letters to the editor' regarding the Cumulus fail- and satire is only funny when it's true; worth a read.



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MWmetalhead
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by MWmetalhead » Sun Oct 04, 2015 9:40 am

One thought; I wonder if SOME of the station's licenses OR real estate are only in the Dickey's names directly rather than the corporation, so they might just walk-away with more than the $4mil/$1.5mil in their little parachutes?
No. If the licenses were in their personal name, those stations' financial results would not be considered part of Cumulus to begin with. I would think such an arrangement would also represent a conflict of interest from a fiduciary standpoint.

I believe one or more members of the Dickey family do own AM 680 WCNN "The Fan" in Atlanta, but I believe that ownership pre-dates the formation of Cumulus (and certainly pre-dates Cumulus acquiring the former Susquehanna and Citadel stations in the ATL market).
Also, WTF - why spend money moving Mrs. Reader's Digest to NYC...
Are you sure this entails renting a brand new building? Also, Cumulus already owns a group of stations there (WPLJ, WABC, WNSH and Radio 103.9). Perhaps the lease on the building those stations occupy is about to expire?

I think it makes more sense to be in New York than Atlanta myself. If they own the Atlanta building, they can sell it to raise cash.
Radio World has some (hilarious) barn-burning brutal 'letters to the editor' regarding the Cumulus fail- and satire is only funny when it's true; worth a read.
Are those available online? Would love to read 'em!!! Please post the URL if you have it; thanks!

BTW, if & when Cumulus files for BK, it will be interesting to see which court district they use for the filing. It could very well be the Eastern District of New York (Brooklyn), which might explain why Cumulus wants to move its HQ to NYC. I suspect Crestview is based in New York and many of the lenders they deal with are probably based in New York.


Thanks, corporate radio, for finally tossing Nickelback to the curb. Now can you please do the same for Shinedown? THEY SUCK!!!

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Fingerboard Corners
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by Fingerboard Corners » Sun Oct 04, 2015 9:49 am

If there is some advantage to an office in the NYC METRO, then perhaps an office in nearby New Jersey would be appropriate. A Manhattan office seems needlessly and ridiculously high rent, unless its like all the lawyers do now and rent a "communal cubby" office in larger cities for meetings.



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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by pixelplay » Sun Oct 04, 2015 1:23 pm

If she's setting up a New York office, it could mean they are not going bankrupt yet, or it could mean they are. One of her first major priorities is getting all the Cumulus busy work crap off the sales people as she was reportedly alarmed to find money being left on the table due to the Dickey's idiotic way of doing things, according to Jerry Del Colliano's sources. She and Jeff Marcus had been on separate fact finding visits to different markets to see what was wrong the past few months. The New York office as MW thought could be located at one of their stations. Atlanta is not a good place to be to talk to Wall Street types, and there would be constant travel involved. She may not want to move as well as she has been based in the New York area for many years and definitely would not want to move if they are blowing Cumulus up. So it could go either way. But change is definitely coming.



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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by pixelplay » Mon Oct 05, 2015 11:05 am

Jeff Marcus is quoted this morning saying no to Cumulus filing for bankruptcy. In the New York Post a report says... "found private-equity folks who think there’s still some value to be extracted despite its $2.4 billion debt load."

http://www.allaccess.com/net-news/archi ... tcy-rumors



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TC Talks
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by TC Talks » Mon Oct 05, 2015 12:25 pm

The types of people who will lend to a big risk are looking to bury the business.



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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by jry » Mon Oct 05, 2015 12:59 pm

Well, hopefully for L D, the stock will start to recover and he'll have some more net worth. In addition to the $$, he will get 100% of his stock pledges.
Little Dickey only gets 50%...



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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by WOHO » Thu Oct 08, 2015 8:25 am

Here's a link to some (humorous) comments about Dickey's sinking ship from Radio Ink:
http://www.radioink.com/Article.asp?id= ... spid=24698



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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by Les Nessman » Thu Oct 08, 2015 10:32 am

WOHO wrote:Here's a link to some (humorous) comments about Dickey's sinking ship from Radio Ink:
http://www.radioink.com/Article.asp?id= ... spid=24698
Eric Rhoads is as delusional as the Dickeys.


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There's also a negative side"

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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by Colonel Flagg » Fri Oct 09, 2015 12:30 pm

MW, WOHO is correct. Three of the Atlanta AM's, and the 1470 Toledo transmitter site are owned by Dickey Broadcasting Co. I do know that the original 25KW daytime omni site for 680 in Atlanta is also owned by Dickey Broadcasting, as Lew Dickey Sr. was the person who acquired the former WRNG, which was originally daytime only. It seems to me there was also a Nashville station owned by the Dickey's, but that doesn't seem to be the case now. Picture this scenario... Mary Berner tells John and Lew, "Take your 3 AM stations, and have a nice day"


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jry
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Re: Sinking ship (Cumulus Media; CEO & EVP are OUT as of 9/2

Post by jry » Fri Oct 09, 2015 1:21 pm

Well, she does't need to tell them to take their 3 AM..... They own them, whether she decrees it as such or not. He's still the Vice Chair. This could be fun.



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